After four attempts at a collective sale, Chuan Park condo has finally closed a deal via private treaty. The condo’s previous collective sale, which launched this year on 14 March and closed on 26 April, failed to garner any bids.
Its current and final sale was brokered for 5.11% lower than its S$938m guide price, at S$890m.
In 2018, its second collective sale attempt at S$900m (an increase from its first attempt at S$790m) did not secure the 80% consent needed from its owners.
The developer’s identity was not disclosed publicly as of yet.
An owner’s meeting has been scheduled on 25 July to disseminate information about the next stages and the estimated timeline for the sale.
Chuan Park
Located in District 19 along Lorong Chuan, Chuan Park was built in 1985, leaving 37 years on the 99-year lease condo.
With the condo on a site area spanning 400,589 sqft with a gross plot ratio (GPR) of 2.1, it shakes out to an achievable gross floor area (GFA) of 841,236 sqft.
A new development holds the potential to be furnished with 900 to 919 residential units – more than twice the number of its current units. It currently has 444 residential units and two strata commercial units.
Taking the current reserve price of S$938m plus an upgrading premium of S$192.62m to expand its existing floor area by 7%, the price per sqft per plot ratio works out to be S$1,256.
The existing plot ratio means the development charge is not payable.
We’ve previously covered the many reasons why the en bloc sale may have fallen through – it may also be why Chuan Park garnered a lower offer than its asking price.
Read this: Chuan Park up for collective sale… for the fourth time
Which condo is next on the chopping block? Let us know in the comments section below.
If you found this article helpful, 99.co recommends What factors are necessary for a possible en bloc or collective sale? and Property Jargon of the Day: En-Bloc Sale.
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